Companies Act (Amendment) 2017 and Stamp Act (Amendment) 2017 – Effective from 4th May 2017

The Companies Act (Amendment) Order, 2017 and Stamp Act (Amendment), 2017 are effective from the 4th of May 2017. The Ministry of Finance in a press release announces that His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam has consented for the introduction of the Companies and Stamp Acts as well as several initiatives from the Ministry of Finance to further cater and adapt to the changing business needs and create an environment conducive for business and investment in the country.

The Companies Act (Amendment) Order, 2017 has made amendments to remove the requirements to upload Notice of Situation of Registered Office form as well as Returns of Allotment of Shares form during incorporation. With the amendments, taking into account the removal of the process of reservation of name with a fee of 5 dollars, the overall fee to incorporate a company is now fixed at 300 dollars. The Stamp Act (Amendment) Order, 2017 has made amendments to remove the requirements for Memorandum and Articles of Association and Share Certificates to be stamped for the purpose of incorporation.

In line with the introduction of the amendments above to further ease the process of starting a business, Ministry of Finance will cooperate with other Government Agencies as well as members of the public sector such as The Brunei Association of Banks in the process of verifying company and business names documents directly to the Registry of Companies and Business Names Division without having the documents to be certified or (Certified True Copy).

Source: Radio Television Brunei

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